Lumber Liquidators 2011 Annual Report Download - page 51

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Lumber Liquidators Holdings, Inc.
Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
2011 2010 2009
Cash Flows from Operating Activities:
Net Income ........................................................... $26,256 $ 26,266 $ 26,924
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization ........................................ 8,328 5,773 4,714
Deferred Income Taxes .............................................. 2,402 4,300 (956)
Stock-Based Compensation Expense ................................... 4,005 3,091 2,955
Changes in Operating Assets and Liabilities:
Merchandise Inventories ......................................... (9,197) (21,789) (44,611)
Accounts Payable .............................................. 4,467 1,136 17,235
Customer Deposits and Store Credits ............................... 6,104 2,234 (613)
Prepaid Expenses and Other Current Assets .......................... (1,943) (3,548) (155)
Other Assets and Liabilities ...................................... 3,679 (487) 2,319
Net Cash Provided by Operating Activities ............................ 44,101 16,976 7,812
Cash Flows from Investing Activities:
Purchases of Property and Equipment ....................................... (16,988) (20,535) (11,433)
Cash Paid for Acquisition ................................................ (4,725) — —
Net Cash Used in Investing Activities ................................. (21,713) (20,535) (11,433)
Cash Flows from Financing Activities:
Proceeds from the Exercise of Stock Options ................................. 3,070 1,796 3,281
Excess Tax Benefits on Stock Option Exercises ............................... 1,690 1,307 1,200
Common Stock Purchased Pursuant to Equity Compensation Plans ............... (249) (389) (323)
Other ................................................................ — — (1)
Net Cash Provided by Financing Activities ............................ 4,511 2,714 4,157
Effect of Exchange Rates on Cash and Cash Equivalents ......................... (54) — —
Net Increase (Decrease) in Cash and Cash Equivalents .......................... 26,845 (845) 536
Cash and Cash Equivalents, Beginning of Year ................................. 34,830 35,675 35,139
Cash and Cash Equivalents, End of Year ...................................... $ 61,675 $ 34,830 $ 35,675
See accompanying notes to consolidated financial statements
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